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Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
 Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. The BDI index decreased by around 50% from mid-December until the end of January and moved to the ytd low of 595 points on 11 February. Although a moderate drop was expected – having become a “seasonal phenomenon”, with subsequent losses before and during the Chinese lunar year – the magnitude of the decline in rates and indexes was largely unexpected. Moreover, the extended Capesize weakness continues to keep the BDI below 700 points despite the fact that earnings for the rest of the sizes have substantially recovered in the past weeks.
As was expected, in a period of three months with low freight rates, asset prices were also affected. However, naturally, the decrease on assets did not equal the decline of the freight rates. In the Capesize sector, it is notable that within the first quarter of 2019, there were no SnP transactions. Owners of the specific segment, despite having witnessed a dramatic fall in rates are so far showing resistance.
In the Panamax sector, the ‘TAURUS OCEAN’ (78,819dwt-blt ’08, Japan) was sold last November for a price in the region of $14.5m, while a few days ago it was reported that the ‘ATLAS B’ (76,554dwt-blt ’08, Japan), was sold for a price in the region of $12.1m, similarly resulting to a 17% decrease.
The smaller decline of asset prices can be observed in Supramaxes of around 10 years old. The ‘OCEAN COLOSSUS’ (58,831dwt-blt ’10, Japan), was sold at end of December for a price in the region of $15.5m, while her identical sister ‘KOREAN LILY’ (58,713dwt-blt ’10, Japan), was sold two weeks ago for a price in the region of $14.2m, indicating only a 8% decrease.
There is greater asset price elasticity for Handysizes than that observed in Supramaxes. Indicatively, the ‘ASIAN BEAUTY’ (28,218dwt-blt ’11, Japan) was sold last November for a price in the region of $9.5m, while a sister vessel, the ‘TOKOMARU BAY’ (28,258dwt-blt ’11, Japan), was committed a few days ago for a price in the region of $8.2m, indicating a 14% decrease.
It should be noted that the aforementioned comparisons are indicative and do not accurately represent the exact asset price decreases across segments. They do, nevertheless, offer us an indication of the underlying pricing trends, coupled with how prices fared in the past few months.
The slow market recovery to pre-Christmas levels or similar, does not seem to be creating such a big concern in the SnP market. Despite the discounted rates, SnP activity remains elevated overall even though sellers have shown greater than expected resistance. There appears to be a positive sentiment generally, resulting in many ship-owners buying low or replacing older tonnage with more modern units. All in all, there is some optimism that there will be an increase of freight rates in q2 and q3, as indicated by charterers asking for vessels for period charters in far better levels compared to the spot market.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
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- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- VISA Power Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
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